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this example problem is about entries for capital leases from the lessee side the problem reads Goodrich has a long-standing policy of acquiring company equipment by leasing early in 2011 the company entered into a lease for a new milling machine the lease stipulates that annual payments will be made for five years the payments are to be made in advance on December 31st of each year at the end of the five year period Goodridge may purchase the Goodridge may purchase the machine company financial records show the incremental borrowing rate to be less than the implicit interest rate the estimated economic life of the equipment is 12 years Goodridge uses the calendar year for reporting purposes and straight-line depreciation for other equipment in addition the following information about the lease is also available police payments are fifty five thousand the purchase option price is 25 thousand estimated fair value of machine after five years of 75 thousand and the incremental borrowing r